Pros and Cons Of Buying and Renting A House

Are you still undecided whether to buy or rent a home? This article can surely help make a well-informed decision that suits you!

Buying and renting a house have their own shares of pros and cons. In this article, we will look at the most common advantages and disadvantages of both options that can help you decide whether to rent or buy a house.

BUYING A HOME

Advantages

– Long-term benefits of equity, security and personal wealth

– Value increases overtime. Can give you good profit if you decide to sell it

– Owning a house means no restrictions at all when it comes to designing, improvement and decoration

– You can rent out your home and the money from it can be put towards the loan

– You can save money in the long run

Disadvantages

– You have to shell out a pretty huge amount of money upon buying a house

– Maintenance, taxes, insurance will be handled and shouldered by you

– There’s a risk of getting less money when you decide to sell it

– Less mobility and flexibility since you will be staying for good in this abode

RENTING A HOME

Advantages

– More flexibility. Ideal for people who changes address from time to time because of the job’s nature.

– You can live in a house or area that you can’t afford to buy.

– Moving out is quite easy. You don’t have to worry who will take over the place.

– Maintenance and upkeep of the property will be shouldered by the landlord

Disadvantages

– There are a number of rules and restrictions that you must follow and obey

– You cannot make any kind of changes or improvement on your rented property without seeking permission and clearance first

– There’s no return of investment in renting

– There’s no guarantee that the lease will get renewed once it expires

This list of pros and cons of renting a house and buying a home can surely help you decide on what path to take. Make sure to weigh them in and choose the option that suits you best and your family.